India vows to launch major tax reform on schedule

AFP, NEW DELHI: India’s Finance Minister Arun Jaitley said yesterday his government was determined to launch a landmark national sales tax on schedule, just hours after a chaos-hit parliament shut down without passing the bill.
Jaitley left open the option of reconvening the just-ended session of parliament to push through the long-awaited bill, one of the biggest economic reforms in decades aimed at boosting growth.
“We are determined that it be implemented on April 1,” Jaitley told reporters in New Delhi, referring to the government’s deadline to implement the Goods and Services Tax (GST) next year.
“We haven’t prorogued the house yet... we haven’t yet decided on that,” Jaitley said.
Prime Minister Narendra Modi has made the bill a key reform to revive Asia’s third largest economy, by replacing a myriad of complex state and national levies with a single tax across internal borders.
But Modi failed to secure support for the bill in parliament which was hit by days of a bitter ruckus by the opposition demanding the resignation of three of his colleagues over scandals.
With the bill now stuck in parliament, the government faces running out of time to introduce the tax by the April deadline. The bill must also be ratified by at least 15 states before it becomes law.
Jaitley suggested parliament could be reconvened before the winter session scheduled for late this year.

India vows to launch major tax reform on schedule

AFP, NEW DELHI: Indias Finance Minister Arun Jaitley said yesterday his government was determined to launch a landmark national sales tax on schedule, just hours after a chaos-hit parliament shut down without passing the bill. Jaitley left open the option of reconvening the just-ended session of parliament to push through the long-awaited bill, one of the biggest economic reforms in decades aimed at boosting growth. We are determined that it be implemented on April 1, Jaitley told reporters in New Delhi, referring to the governments deadline to implement the Goods and Services Tax (GST) next year. We havent prorogued the house yet... we havent yet decided on that, Jaitley said. Prime Minister Narendra Modi has made the bill a key reform to revive Asias third largest economy, by replacing a myriad of complex state and national levies with a single tax across internal borders. But Modi failed to secure support for the bill in parliament which was hit by days of a bitter ruckus by the opposition demanding the resignation of three of his colleagues over scandals. With the bill now stuck in parliament, the government faces running out of time to introduce the tax by the April deadline. The bill must also be ratified by at least 15 states before it becomes law. Jaitley suggested parliament could be reconvened before the winter session scheduled for late this year.